Stay current with our daily newsflash.

Guy Carpenter Places New Reinsurance Program for Gulf Insurance Group

Source: Guy Carpenter

Posted on 02 Feb 2010

Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, has today
announced the completion of a new reinsurance structure for Gulf Insurance Group. The
structure combines the reinsurance programs of six of the Group’s companies into a single
program. The six companies are: Gulf Insurance Company of Kuwait, Bahrain Kuwait Insurance
Company of Bahrain , Arab Orient Insurance Company of Jordan, Arab Misr Insurance Group of
Egypt, Syrian Kuwaiti Insurance Company of Syria and Fajr Al Gulf Insurance Company of
Lebanon.

The innovative structure was created in order to take advantage of the critical mass and
geographic spread of the portfolio, following a series of strategic acquisitions made by the Gulf
Insurance Company. The new program provides a very high level of long term and sustainable
capacity for the Group at favourable terms.

In addition, the Gulf Insurance Group has taken the opportunity to switch part of its reinsurance
program to an XL basis in order to benefit from the size of its premium income and the very low
loss ratios of the companies involved.

The new structure was devised and placed by a dedicated team at Guy Carpenter in
London with substantial assistance from all the companies involved in the program.The
proportional treaty component is lead by Munich Re. The XL program leaders are Munich Re,
Odyssey Re, PartnerRe and a Lloyd’s Syndicate.

"This is a major step forward for an insurance group in the Gulf region and we are delighted that
Gulf Insurance Group under the leadership of Mr Khaled Al Hasan is the first to make a
deliberate move towards excess of loss protection," says Chis Pleasant, Managing Director, Guy Carpenter. "The structure is designed to be flexible, to give Gulf Insurance Group the option to change the blend of proportional and XL protection in the future. Guy Carpenter will continue to work closely with the group companies as they grow and as they expand into new territories."